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Oil Prices Look for a Rebound After Latest OPEC Decision

Oil prices rallied after the latest OPEC rally on production, alongside Middle East tensions.

UKOIL – Daily Chart

UKOIL – Daily Chart

The price of Brent Crude (UKOIL) has found support at the August lows and is pressing a level that was support in July. Getting above that price could target $70 or higher.

The main driver for oil has been the latest OPEC+ meeting, which led to a 136K barrels per day production increase. The group was deciding on how to work on another 1.65 million bbls/day in voluntary cuts over the coming months.

The majority of the 1.65 million barrels will fall on Saudi Arabia, which can ramp production quickly than most countries.

Markets had been extremely bearish last week, but the smaller increase was a relief. The price of oil has also risen after Israel’s airstrike on a residential location in Qatar.

The move brought widespread criticism after the country attacked political targets in a friendly and neutral country. Countries such as the UAE have stated that the move risks undermining the Abraham Accords, which were signed in 2020 to enhance relations in the region.

This market commentary and analysis has been prepared for ATFX by a third party for general information purposes only. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell as it does not take into account your personal circumstances or objectives, and should therefore not be interpreted as financial, investment or other advice, or relied upon as such. You should therefore seek independent advice before making any investment decisions. This information has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. We aim to establish and maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. The market data is derived from independent sources believed to be reliable, however we make no representation or warranty of its accuracy or completeness, and accept no responsibility for any consequence of its use by recipients. Reproduction of this information, in whole or in part, is not permitted.

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